Financika Review – Is The Broker A Scam Or Safe To Trade With?

Financika DetailsTrading PlatformMarketsSpreads & CommissionsLeverageMobile AppsPayment MethodsDemo AccountDeals & PromotionsRegulation & LicensingAdditional FeaturesAccount TypesBenefitsDrawbacksTrading HoursCustomer SupportUser SafetyFinancika VerdictAccepted CountriesAlternatives to FinancikaFAQ

Financika Trade is an online forex broker, offering a range of financial instruments to both beginners and veterans. This review will guide you through the trading platform, spreads, minimum deposits, and more. Find out if Financika is the right broker for you.

Financika Details

Operated by Sharp Trading Ltd, Financika is registered with the Vanuatu Financial Services Commission (VFSC) and also operates as a European entity in Cyprus. The company’s customer service address is based in Bulgaria, but its clients can be found from Europe to Chile, Mexico, Peru, and Colombia.

Trading Platform

Financika offers WebPROfit, a non-downloadable trading platform suitable for all levels. Features of the web-based platform include advanced charting tools, one-click trading, no slippage, and direct platform support. To access these features users will need to open an account via an online form on the website.

Markets

Financika offers a variety of products:

Currencies – Trade 40+ major, minor, and exotic currency pairs including the EUR/GBP & USD/GBP.
Indices – Trade 7 of the world’s most popular indices including the FTSE, Dow Jones, and DAX.
Stock CFDs – Trade on over 90 global companies such as Apple, Facebook, and Uber.
Commodities – Trade on gold, silver, oil, wheat, and more.

Spreads & Commissions

For major forex pairs such as the EUR/USD and GBP/USD, spreads start from 3 pips – higher than at most other brokers. Brent crude oil is offered at a spread value of $0.12, whilst for silver and gold, it ranges from $0.04 to $1 respectively.

There are other costs to be aware of, for example, a swap fee on positions held overnight and a significantly high inactivity fee of $500, charged quarterly. This is much higher than fees levied against dormant accounts at other brokers.

Leverage

Leverage at Financika ranges from 1:10 on CFD shares to 1:200 on commodities and forex with indices offered at 1:100. These are decent leverage rates and will allow traders to take large positions with minimal capital outlay.

Mobile Apps

Financika offers the WebPROfit platform in a mobile app, allowing users to manage their accounts and place trades as they travel. Mobile traders enjoy the same features as the web platform, including real-time quotes and charts, financial news, and fast account monitoring.

Financika mobile app

The app is compatible with all iOS and Android mobile devices and can be downloaded via the Play Store or App Store. FinancikaTrade.com desktop login credentials should work with the mobile app.

Payment Methods

Deposits

Deposits can be made via credit card, bank wire transfer, and e-wallets (Skrill and Neteller). Note the minimum deposit amount for a credit card is $200. Credit cards and wire transfers take 2 – 5 business days to process, while deposits via an e-wallet can take up to 5 business days.

Withdrawals

Withdrawals can be made via the same methods, with an average processing time of 4 – 5 business days. Financika claims they do not charge for withdrawals, however, many customer reviews online suggest otherwise. We recommend caution when considering a broker that has a history of bad withdrawal practices.

Demo Account

Financika does not offer a demo account. This is a real downside as a practice account is a great way to try a broker’s platform, instruments, and customer support before opening a real trading account.

Deals & Promotions

Clients are entitled to weekly bonuses, the amount and type of which will vary each week. Traders should check the broker’s homepage for updates on these bonuses.

New users receive trading credit upon opening an account, though information about sign-up deposit bonuses is limited. With that in mind, it’s worth speaking to the customer support team, using the details below, to find out more. Financika also offers traders investment protection on their first five trades, meaning beginners can test the waters in a safe trading environment. Note that this insurance is subject to the specific terms and conditions found on the broker’s website.

Regulation & Licensing

Financika (Sharp Trading) Ltd is registered and licensed by the Vanuatu Financial Services Commission (VFSC). It also operates under its European entity, Cubbon Services Limited, in Larnaca, Cyprus. However, the VFSC is not a well-respected body and it’s relatively easy for a potentially fraudulent company to secure a license.

Scam Warning

There are multiple customer complaints regarding scams at Financika. These reviews are particularly concerning given the lack of reputable regulatory oversight. Users are advised to carefully consider these warnings before trading with the broker.

Additional Features

Financika offers an Academy with tools specially designed for beginners. Features include a glossary of terms, the basics of trading, charts and technical analysis, plus video tutorials. Though there are some useful education tools on offer, they are not as comprehensive as those found at other brokers.

Other more practical tools include currency rates charts, a daily economic calendar, and forex video analysis.

Financika economic calendar

Account Types

Financika only offers one standard account, which you can sign up for on the home page. The minimum deposit requirement is $200 and the maximum leverage is 1:200. Speak to the support team for account-specific questions.

Benefits

Advantages of choosing Financika include:

Economic calendar and daily analysis
Learning centre for beginners
Personal account manager

Drawbacks

There are some considerable drawbacks to using Financika:

Complaints & poor customer reviews
UK customers restricted
$500 inactivity fee
No demo account
One account type

Trading Hours

Users can trade forex and commodities from 22:00 GMT on a Sunday until 22:00 GMT on a Friday. CFD trading hours vary as follows:

US markets – 2:30 pm – 9:00 pm GMT, Mondays to Fridays
European & British markets – 8:00 am – 4:30 pm GMT, Mondays to Fridays
Asian markets – 0:00 am – 2:00 am GMT and 3:30 pm – 6:00 pm GMT, Mondays to Fridays

Trading hours for individual indices also vary and can be found on the Indices page on the broker’s website.

Customer Support

Customers can access 24/7 support via:

Online request form – Contact Us page
Telephone contact number – +27212004239 (South Africa)
Email – customer.service@financika.com
Live chat – logo located in the bottom right-hand corner of the website

Financika (Sharp Trading) Ltd is headquartered at Law Partners House, Kumul Highway, Port Vila, Vanuatu.

User Safety

Financika holds an eTrust seal, which indicates compliance with high standards of privacy and data protection. Trading systems are also secured with 128-bit Secure Sockets Layer (SSL) encryption. But due to its lack of regulation and unproven legitimacy, there may still be a risk to trading with Financika.

Financika Verdict

Although Financika does offer a decent range of educational resources for beginners, the single account offering and lack of demo account are fairly limiting. More importantly, the lack of top-tier regulation and concerns around scams may deter many prospective traders. See our list of alternatives.

Accepted Countries

Financika accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Financika from United States, United Kingdom, Spain.

Alternatives to Financika

If you are looking for alternatives to Financika we have compiled a list of the top 5 brokers that are similar to Financika below. This list of brokers like Financika is in order of similarity and only includes companies that accept traders from your location.

Fortrade – Fortrade is a multi-asset broker offering a simple live account with advanced tools.

SimpleFX – SimpleFX is a CFD broker offering its own SFX WebTrader platform & low fees.

Infinox – Infinox is a UK-based broker offering MT4 trading with tight spreads.

Global Prime – Global Prime is a multi-regulated trading broker offering 100+ markets.

EZ Invest – EZ Invest is a CySEC-licensed broker offering trading on the financial markets.

FAQ

What trading platform is available at Financika?

Users can access web PROfit and mobile PROfit. The web-based platform is user-friendly with multiple chart types, technical indicators, and one-click trading.

What is the maximum leverage at Financika?

Financika offers maximum leverage of 1:200 on commodities, 1:100 on forex and indices, while leverage up to 1:10 is available on share CFDs.

What is the minimum deposit at Financika?

The minimum deposit amount is $200. Whilst not particularly high, there are also brokers that accept a lower minimum deposit, which may appeal to new traders.

Does Financika offer a demo account?

No, Financika does not offer a demo account. This is a serious drawback as it means prospective clients aren’t able to test the trading platform or broker’s services.

Is Financika a scam?

Financika claims to be registered under the Vanuatu Financial Services Commission (VFSC). Although this means the broker is licensed, the VFSC is not a well-regarded body and there are multiple complaints online that the broker is a scam. As a result, we’d recommend caution before opening an account.

About the Author

You may also like these